"Our aim is to grow, and growing earnings by 10 percent a year is not possible unless you invest," Fritz Joussen told journalists after the group reported first-half results.

He added that TUI also wanted to use the proceeds to improve its credit rating, to give it access to bond markets, but that it would stick to the promises on dividends it had made to shareholders.

He said the group would give an update at the end of 2016, when it reports full-year results in December.

(Reporting by Victoria Bryan; Editing by Maria Sheahan)